Bahri generates nearly SAR 5bn revenue in Q1-26, remains resilient amidst Middle East conflict
BAHRI
4030 2.67% 36.96 0.96
Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) witnessed a leap of 303.36% in net profit to the owners at SAR 2.14 billion during the first quarter (Q1) of 2026 when compared to SAR 532.82 million in Q1-25.
The earnings per share (EPS) soared to SAR 2.33 in Q1-26 from SAR 0.58 in Q1-25, according to the income statements.
Bahri generated revenue of SAR 4.96 billion in January-March 2026, signaling a 129.12% annual increase from SAR 2.16 billion.
The CEO of Bahri, Ahmed Ali Al Subaey, said: “Bahri delivered an exceptionally strong first quarter, supported by higher freight rates, the benefit of our larger fleet, and increased charter-in activity to meet higher cargo requirements.”
On a quarterly basis, the net profits of Bahri in Q1-26 surged by 119.82% from SAR 977.71 million in Q4-25 and the revenue grew by 52.13% from SAR 3.26 billion.
Al Subaey noted: “Just as importantly, we remained focused on delivering safe, dependable service to our customers while navigating through a more complex and volatile environment.”
Ongoing Conflict in Region
In terms of the ongoing regional tensions, the CEO said: “Despite disruption to maritime traffic through the Strait of Hormuz and heightened regional uncertainty, Bahri remained resilient throughout the quarter, with all our vessels commercially deployed.”
The higher annual revenue of Bahri was driven primarily by a sharp uplift in Bahri Oil and supported by higher contributions across all of the company’s other business units.
Bahri Oil revenue jumped 241% annually to SAR 3.74 billion in Q1-26, which was mainly attributable to a substantial rise in freight rates driven by improving supply-demand dynamics in the crude oil transportation market and the escalation of conflict in the Middle East, together with the benefit of its expanded fleet and increased voyage charter-in activity to meet higher customer requirements.
Al Subaey elaborated: “Our people and vessels remain safe, and our fleet continues to operate and serve our customers reliably, supported by the dedication of our crews and onshore teams. Our long-standing global partnerships also remained a source of strength, providing demand visibility and commercial stability while helping us respond proactively to evolving trade flows, shipping routes, and customer requirements.”
He added: “We continue to monitor developments in the region closely and assess their broader implications for the operating environment. Our priority remains the safety of our people and assets, and the continuity of our operations.”
The CEO stressed: “Amid heightened uncertainty, we remain committed to leveraging our scale and integrated capabilities to support the flow of essential trade and enable economic activity in the Kingdom and across global markets, fulfilling Bahri’s role as a responsible participant in the global supply chain.”
Meanwhile, Bahri generated net operating cash flow of SAR 1.34 billion in Q1-26, reflecting a 174% annual increase and signaling strength in earnings during the quarter.
Capital expenditures amounted to SAR 68 million, the majority of which related to capitalized vessel maintenance costs when compared with SAR 1.69 billion in Q1-2025, when Bahri made full payments on four very large crude carriers acquired as part of its fleet expansion and modernization program.
As a result, free cash flow turned positive at SAR 1.28 billion, compared with an outflow of SAR 1.20 billion in the prior-year quarter.
In 2025, Bahri recorded net profits of SAR 2.43 billion and revenue worth SAR 10.34 billion.
Source: Mubasher Source: {{details.article.source}}